8.120.207    LOAN PROGRAM POLICIES

(1) The authority shall adopt underwriting policies, procedures and criteria for the various types of loan programs. All policies, procedures and criteria must be approved during its board meetings. Policies and procedures developed and approved by the authority may include, but are not limited to:

(a) the development and approval of loan underwriting policies for all types of loans authorized by the authority, including the loan application process and any appeals process available to loan applicants whose application is disapproved;

(b) criteria for assessing and qualifying loan applications;

(c) criteria for deciding which eligible projects to finance;

(d) loan application forms and the type of information required on the application;

(e) the establishment and payment of initial and annual planning service fees and costs and expenses, when these fees, costs and expenses may be waived or reduced, and when they may be retained if the loan application is withdrawn or disapproved;

(f) the parameters and criteria for setting loan interest rates;

(g) a maximum loan amount based upon the actual total costs or appraised value of the project at the discretion of the authority;

(h) disclosure that a prerelease contract, as security for the bonds, between the department of corrections and the respective institution is valid and enforceable and does not constitute any liability or obligation of the authority; and

(i) the development and execution of policies, resolutions, agreements, contracts, certificates, opinions and other documents as may be necessary and appropriate to carry out the loan programs and the administrative programs of the authority.

History: Sec. 90-7-202(3), MCA; IMP, Sec. 90-7-202(3), MCA; NEW, 2000 MAR p. 1509, Eff. 6/16/00.